A TCRS survey found that 69% of baby boomers plan to work after age 65 or don’t plan to retire ever. They worry about what will happen to their loved ones when the money runs out. They worry about not having enough money in retirement to put food on the table. They worry about not being able to pay for health care costs or their mortgages for the rest of their lives.
Thinking about retirement shouldn’t be stressful. It should be quite the opposite.
Retirement should be about enjoying the freedom to do what you want to now that you are no longer working.
Retirement is an exciting new chapter in your life and should not be one filled with dread.
So, why do many federal employees have a difficult time knowing if they can afford to retire?
The Federal Retirement system is one of the most complex benefits programs around. Receiving useful, timely information about retirement benefits from agencies has become increasingly difficult over the years for Federal Employees.
There are so many exceptions, special provisions, and exclusions that it can be difficult for federal employees to keep track of their benefits.
When it comes to understanding your benefits and how they relate to retirement, it implies the educator is informed about your pension, Health Benefits, Thrift Savings Plan, Long Term Care, Medicare, Life Insurance, Social Security, and Tax Planning.